Bearing Market is Expected to Boom in Near Future 2023 to 2031
The study undertaken by Astute Analytica predicts that the Global bearing Market is expected to grow at a CAGR of 9.5% over the forecast period and will reach US$ 163.7 Bn by 2031. The Bearings market is driven by various factors, such as the growing usage of motors, the need for automotive electrification, government initiatives to increase manufacturing, and the growing need for energy-efficient cars. In automobiles, bearings provide the smooth running of electric vehicles, cars, lightweight commercial vehicles, and heavy-duty trucks. The need for bearings increases with the production of automobiles, with an average passenger vehicle having around 35 bearings. The use of bearings in electric vehicles, railways, and rolling mills is propelling market demand. Moreover, governments in different nations are driving the growth of the manufacturing industry. Initiatives like India's 'Make in India and Aatmanirbhar Bharat and China's Made in China strive to restore manufac...